Transocean (NYSE:RIG) Trading 4.8% Higher – Here’s What Happened

Transocean Ltd. (NYSE:RIG) rose 4.8% on Thursday . The company traded as high as $3.93 and last traded at $3.93. Approximately 6,022,400 shares changed hands during trading, a decline of 68% from the average daily volume of 18,811,123 shares. The stock had previously closed at $3.75.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the company. JPMorgan Chase & Co. raised Transocean from an “underweight” rating to a “neutral” rating and set a $5.00 price objective for the company in a research report on Friday, December 6th. Benchmark reaffirmed a “hold” rating on shares of Transocean in a research report on Tuesday, December 3rd. Susquehanna dropped their price objective on shares of Transocean from $7.00 to $6.50 and set a “positive” rating on the stock in a research report on Friday, November 1st. StockNews.com raised shares of Transocean to a “sell” rating in a report on Tuesday, November 12th. Finally, Barclays raised shares of Transocean from an “equal weight” rating to an “overweight” rating and set a $4.50 price target on the stock in a report on Wednesday, December 18th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average price target of $6.25.

Transocean Trading Up 3.5 %

The firm has a market capitalization of $3.40 billion, a P/E ratio of -5.17 and a beta of 2.75. The company has a quick ratio of 1.34, a current ratio of 1.64 and a debt-to-equity ratio of 0.64. The firm has a 50 day moving average of $4.08 and a 200-day moving average of $4.58.

Insider Activity at Transocean

In related news, EVP Roderick James Mackenzie sold 20,000 shares of the stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $4.29, for a total value of $85,800.00. Following the completion of the transaction, the executive vice president now owns 310,857 shares of the company’s stock, valued at $1,333,576.53. This represents a 6.04 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 13.16% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Primecap Management Co. CA lifted its holdings in shares of Transocean by 0.4% during the third quarter. Primecap Management Co. CA now owns 56,342,169 shares of the offshore drilling services provider’s stock worth $239,454,000 after purchasing an additional 222,680 shares during the period. Dimensional Fund Advisors LP grew its position in shares of Transocean by 19.0% in the 2nd quarter. Dimensional Fund Advisors LP now owns 36,725,995 shares of the offshore drilling services provider’s stock valued at $196,484,000 after buying an additional 5,856,414 shares during the last quarter. State Street Corp increased its position in Transocean by 11.0% during the 3rd quarter. State Street Corp now owns 19,594,121 shares of the offshore drilling services provider’s stock valued at $83,275,000 after purchasing an additional 1,944,723 shares during the period. Pilgrim Global Advisors LLC bought a new stake in Transocean during the third quarter valued at $77,473,000. Finally, Geode Capital Management LLC grew its stake in Transocean by 4.1% during the third quarter. Geode Capital Management LLC now owns 17,245,298 shares of the offshore drilling services provider’s stock worth $73,307,000 after purchasing an additional 680,242 shares during the period. 67.73% of the stock is currently owned by institutional investors and hedge funds.

Transocean Company Profile

Transocean Ltd., together with its subsidiaries, provides offshore contract drilling services for oil and gas wells worldwide. It contracts mobile offshore drilling rigs, related equipment, and work crews to drill oil and gas wells. The company operates a fleet of mobile offshore drilling units, consisting of ultra-deepwater floaters and harsh environment floaters.